{"id":71744,"date":"2024-08-30T16:22:51","date_gmt":"2024-08-30T06:22:51","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=71744"},"modified":"2025-11-10T21:32:03","modified_gmt":"2025-11-10T10:32:03","slug":"friday-30th-august-2024-markets-soar-in-asia-pacific-after-positive-u-s-economic-signals","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/friday-30th-august-2024-markets-soar-in-asia-pacific-after-positive-u-s-economic-signals\/","title":{"rendered":"Friday 30th August 2024: Markets Soar in Asia-Pacific After Positive U.S. Economic Signals"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei up 0.6%, Shanghai Composite up 1.2%, Hang Seng up 2% ASX up 0.4%<\/li>\n\n\n\n<li>Commodities : Gold at $2549.35 (-0.49%), Silver at $29.83 (-0.41%), Brent Oil at $79.2 (0.49%), WTI Oil at $76.72 (0.48%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 3.861, UK 10-year yield at 4.021, Germany 10-year yield at 2.275<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Prelim GDP q\/q&nbsp; 3.0% vs 2.8% expected<\/li>\n\n\n\n<li>(USD) Unemployment Claims&nbsp; 231K vs -232K expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets surged on Friday, buoyed by encouraging U.S. economic data that eased recession concerns. Investors also digested a variety of economic reports from Japan.<\/p>\n\n\n\n<p>In the U.S., initial jobless claims slightly fell to 231,000, just above the expected 230,000, down from the previous week\u2019s 232,000. Meanwhile, second-quarter GDP growth was revised upward to 3% from the initial 2.8%, signaling stronger economic momentum.<\/p>\n\n\n\n<p>Japan saw a rise in Tokyo\u2019s inflation rate to 2.6% in August, up from 2.2% in July, marking the highest level since March. The core inflation rate, which excludes fresh food prices, increased to 2.4%, surpassing the 2.2% anticipated by economists. Tokyo&#8217;s inflation is often seen as a bellwether for nationwide trends, suggesting the Bank of Japan may have more flexibility to tighten monetary policy.<\/p>\n\n\n\n<p>However, Japan\u2019s unemployment rate ticked up to 2.7% in July, above the expected 2.5%. Retail sales grew by 2.6% year-on-year, missing the 2.9% forecast and down from June\u2019s revised 3.8% increase.<\/p>\n\n\n\n<p>Japan&#8217;s Nikkei 225 rose 0.6%, and the Topix gained 0.37%. Hong Kong\u2019s Hang Seng index led Asian markets with a 2% increase, followed by mainland China\u2019s CSI 300, which rose 1.72%. South Korea\u2019s Kospi advanced 0.6%, and the Kosdaq gained 0.92%, despite a 1.9% month-on-month drop in retail sales.<\/p>\n\n\n\n<p>In Australia, the S&amp;P\/ASX 200 rose 0.4%, nearing its all-time high. In the U.S., the Dow Jones hit a record high, closing up 0.59% at 41,335.05, while the Nasdaq Composite slid 0.23%, impacted by Nvidia\u2019s 6.4% drop.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; CAD GDP m\/m<\/li>\n\n\n\n<li>12:30 PM GMT &#8211; USD Core PCE Price Index m\/m<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets surged on [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71744"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=71744"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71744\/revisions"}],"predecessor-version":[{"id":71747,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/71744\/revisions\/71747"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=71744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=71744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=71744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}